Irish-US Company Celtic Biotech in French cancer venom trials reports grant boost

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Jul 18, 2023, 04:00 ET

DUBLIN, July 18, 2023 /PRNewswire/ -- Irish company Celtic Biotech Ltd (www.celticbiotech.com) has been awarded a grant of €2.5m from the EU European Innovation Council (EIC) Accelerator programme.

Rattlesnake baby_Celtic Biotech Colony_Kentucky Reptile Zoo

Dr. Paul Reid, CEO and co-founder at Celtic Biotech said:

"We are very pleased to be approved by the EIC for this prestigious European Commission grant award. This is a major validation of our business and product strategy and is in alignment with Europe's Beating Cancer Plan. Our innovative biologic products will treat cancer patients with advanced disease. Our pre-clinical and clinical investigations to date point to a drug with enormous potential to target aggressive solid tumours and associated pain in cancer patients. The EIC Accelerator grant funding will enable us complete our Phase I clinical programme, a vital step closer to achieving that potential".

In Q1 2023 the EIC Fund became the biggest venture capital investor in European deals measured by amount invested, and third in number of deals. Since its launch in 2020, the EIC Fund has approved a total of 268 equity investments into deep-tech companies for a total of €1.4B.

According to Enterprise Ireland's National Director for Horizon Europe, Kevin Burke, the selection of companies for EIC Accelerator grant and equity investment follows a rigorous evaluation and selection process by an independent panel of experts, and due diligence by the European Investment Bank (EIB), in its role of Investment Advisor.

John Reid, Co-founder and Director, stated the Company plans to seek follow-on EIC Accelerator Equity investment of up to €15m post successful Phase I trials in conjunction with strategic investors.

In further recognition and validation of it's exciting potential, Celtic Biotech was also successful this month in reaching the semi-finals of the prestigious European Institute of Innovation and Technology (EIT) Catapult accelerator programme. This EU co-funded programme is designed to fast-track Europe's best life sciences and health tech start-ups to leading experts and investors. Semi-finalists get to pitch to international investors and world leading companies whilst also competing for cash awards, and the Audience Winner Award to have their startup showcased on the New York NASDAQ Tower.

Brothers Paul, based in Florida, and John in Ireland, formed Celtic Biotech to develop curative cancer therapies for terminally ill patients with few or no options left to turn to. Using proteins isolated from rattlesnake venom, Celtic Biotech succeeded in bringing its lead drug, CB24, into Phase I clinical trials in France under the supervision of renowned oncologists Dr Miguel Delgado and Dr Marian Gil-Delgado. Prof. John Crown (Ireland) and Prof. David Khayat (France) were advisors on the trial protocol. Published studies report exceptionally good safety profiles with several tumour responses in 14 patients treated. Clinical monitoring was conducted by Immunoclin UK. Raw venom sourced via a collaboration with CITES registered Kentucky Reptile Zoo, USA.

Every year 4million Europeans are diagnosed with cancer and 1.9million die because of it. Worldwide the figure for annual deaths is 10million, with the USA accounting for over 600,000.

Media Contact - [email protected], www.celticbiotech.com

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SOURCE Celtic Biotech